topic Remove negative auto tradeline? in Rebuilding Your Credit

Remove negative auto tradeline?

SweetCreditObsession — Wed, 15 Aug 2018 18:57:36 GMT

My fico auto score is approximately 610.
610. My only auto tradeline is listed as a negative account due to several 30 and 60 late payments. The loan was opened in 2008 and closed in 2016 when I made my ladt payment (lender was kind and allowed me to extend my contract during the housing crisis). The DOFD was in 2011.

I have four other baddies including a Cc chargeoff that will fall off in 2020 (settled with CA).

Is it possible to have the tradeline removed due to its being too old - based on DOFD...or do they base it on account closure date?

Thanks.

Re: Remove negative auto tradeline?

dynamicvb — Wed, 15 Aug 2018 20:18:10 GMT

I'm not sure you can count that DOFD since it seems you brought it back current as it was paid off in 2016. One of the other senior people can chime in and verify, but I think this is correct.

Re: Remove negative auto tradeline?

RobertEG — Wed, 15 Aug 2018 22:58:35 GMT

If the account was paid and closed, it is no longer under a current status of continued delinquency.

Thus, the derogs that are affecting scoring are the monthly delinquencies that are still showing in your payment history profile.

Monthly delinquencies that are based on the same intitial delinquency (i.e., in the same chain of delinquency) are excluded by the CRAs at 7 years from the date of initial delinquency. If the 30-late and 60-late delinquencies showing in your payment history profile are based on the same initial delinquency date in 2011, they will all become excluded in 2018.

Date of closure of the account is not used to determine credit report exclusion date of derogs under the account.

It is relevant only to the separate housecleaning procedure used by the CRAs to remove accounts at approx 10 years from the date closed.

Unless the account remains under a current delinquency status, when the reported delinquencies become exlcuded at 7 years from date of initial delinquency, the account will still remain in your credit report, absent the delinaquencies, until it then reaches 10 years from date closed, after which the CRA may then remove the account as an internal housecleaning measure, and not based on exclusion of the derogs.

Are the reported delinqeuncies in a common chain of delinquency, based on the same DOFD?

If so, they will become excluded this year.

Re: Remove negative auto tradeline?

SweetCreditObsession — Thu, 16 Aug 2018 07:38:35 GMT

Unfortunately they are not...in fact there is a chain in 2011 and then a couple in 2015. It seems I should anticipate the reporting through at least 2022. That's not too terrible since it will be my final negative tradeline.

Thanks for the responses, everyone. It really does help. ☺️